• Martifer Mettalic constructions have currently a contract for supply and installation of curtain wall in the project KAFD – King Abdullah Financial District. Are the towers 4.02 and 5.03.
• Our client is SBG – Saudi Bin Ladin group
• The contracting company of SBG group has a financial critical situation and that has a direct impact in the project and in our company.
• The current debt of SBG with Martifer is 2.218.537,24€ (almost 10% of the entire contract)
• Moreover, they have with them a Performance bond of 2.079.636,1€ and an additional retention of € 2.471.845,82 that we should already receive part of it.
• In total, SBG has 4.690.383,06€ (debt+retentions) and a Performance bond “on first demand” that they can, abusively, use. In this way, Martifer has a current risk of 6.770.019,16€ (almost 30% of the entire contract). For a company as Martifer this has an important impact in our sustainability and in our capacity to comply with our obligations with our local suppliers.
• In addition to the overdue amounts, SBG workers abandoned the site, some days ago, and we cannot perform some of our works due to that.
Currently, SBG is not able to give answers or to accomplish any of the promises that they made. Right now, not only Martifer risk is too high, but also, there is no visibility of how and when the project will end.
Based on this, we kindly ask your support with the local Government authorities, to solve this critical problem that affects Martifer. Being the project co-funded by the EU we kindly ask also your support with the EU to try to minimize the damages that this issue is causing in our company.
Any additional information, please feel free to ask.
Thanks in advance for your help and support.